- E3 Lithium awarded $3.545M in
funding through Natural Resources Canada's Critical Minerals
Research, Development and Demonstration program
- The non-dilutive and non-repayable funds will be used to
support the construction and operation of E3 Lithium's 2023 field
AB, March 7, 2023 /CNW/ - E3 LITHIUM LTD.
(TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), Alberta's leading lithium developer and
extraction technology innovator, today announced it has been
awarded $3.545M CAD in funding from
Natural Resources Canada's Critical Minerals Research Development
and Demonstration (CMRDD) program.
Funds for the CMRDD program were allocated under the Government
of Canada's federal Budget 2021 to
support the development of Canadian critical minerals in
recognition of the crucial role they play in the energy transition.
E3 Lithium (E3) was one of six organizations selected from
applicants from across Canada.
"Canadian innovators are leading the way towards a cleaner
future. Today's investment of more than $3.5
million in E3 Lithium will help to advance the development
of a dynamic and competitive critical minerals sector through the
development and demonstration of innovative processing
technologies. This means good jobs for workers, more investment in
Canadian innovation, and lower emissions across the country - all
part of our plan to build a cleaner Canada and a prosperous, sustainable economy
that works for everyone."
- The Honourable Jonathan Wilkinson, Minister of Natural
The $3.545M in funding will be
allocated in its entirety towards the design, construction and
operation of E3's field pilot plant, which is on track to begin
operations in Q3 2023. Natural Resources Canada joins Alberta
Innovates and the Government of Canada's Innovation, Science and Economic
Development's (ISED) Strategic Innovation Fund in providing support
to E3 for the development of the lithium industry in Western Canada.
"We are ecstatic to receive funding from Natural Resources
Canada to support the work we are doing to produce battery-grade
lithium. Receiving support from all levels of government to develop
our lithium resource speaks volumes to the importance placed on
commercializing critical minerals from Alberta and the progress E3 has made in
developing this industry."
- Chris Doornbos, President and
CEO, E3 Lithium
The funding from the Government of Canada is non-share dilutive and is not
required to be repaid. E3 shall submit and be reimbursed for
eligible expenses on an ongoing basis throughout the term of the
agreement. Additional and previously announced funding to support
E3's pilot plant includes a $1.8M
grant from Alberta Innovates and a $27M conditionally repayable investment from the
Strategic Innovation Fund to support a breadth of development costs
towards E3's commercial operations.
About E3 Lithium
E3 Lithium is a development company with total of 24.3 million
tonnes of lithium carbonate equivalent (LCE) inferred mineral
resources1 in Alberta. As outlined
in E3's Preliminary Economic Assessment, the Clearwater Lithium
Project has an NPV8% of USD 1.1
Billion with a 32% IRR pre-tax and USD 820 Million with a 27% IRR
after-tax1. Through the successful scale up its DLE
technology towards commercialization, E3 Lithium's goal is to
produce high purity, battery grade lithium products. With a
significant lithium resource and innovative technology solutions,
E3 Lithium has the potential to deliver lithium to market from one
of the best jurisdictions in the world.
ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President &
E3 Lithium Ltd.
1: The Preliminary
Economic Assessment (PEA) for the Clearwater Lithium Project NI
43-101 technical report is effective Sept 17, 2021. The mineral
resource NI 43-101 Technical Report for the North Rocky Property,
effective October 27, 2017, identified 0.9Mt LCE (inferred). The
mineral resource NI 43-101 Technical Report for the Bashaw District
Project, effective July 11, 2022, identified 23.4Mt LCE (inferred).
All reports are available on the E3 Lithium's website
(e3lithium.ca/technical-reports) and SEDAR
Forward-Looking and Cautionary
This news release includes certain forward-looking statements as
well as management's objectives, strategies, beliefs and
intentions. Forward looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate",
"estimate", "intend" and similar words referring to future events
and results. Forward-looking statements are based on the current
opinions and expectations of management. All forward-looking
information is inherently uncertain and subject to a variety of
assumptions, risks and uncertainties, including the speculative
nature of mineral exploration and development, fluctuating
commodity prices, the effectiveness and feasibility of emerging
lithium extraction technologies which have not yet been tested or
proven on a commercial scale or on the Company's brine, competitive
risks and the availability of financing, as described in more
detail in our recent securities filings available at www.sedar.com.
Actual events or results may differ materially from those projected
in the forward-looking statements and we caution against placing
undue reliance thereon. We assume no obligation to revise or update
these forward-looking statements except as required by applicable
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE E3 Lithium Ltd.